It isn't uncommon for Pennsylvania residents to overlook beneficiary designations when they are making an estate plan. This may be because they are but one of numerous decisions that a person must make when setting up a retirement or brokerage account. In some cases, many years may go by before such a designation is reviewed. In that time period, it is possible that a person's needs have changed significantly.
About divorces
Pennsylvania residents who are considering ending their marriage should have a realistic view of the process. Understanding that a divorce can be unpredictable can help in accepting the outcome.
Career can play an important role in divorce
Career and financial woes can be some of the biggest contributors to divorce for couples in Pennsylvania and across the United States. An analysis of U.S. Census Bureau data found that certain occupations are much more highly correlated with divorce than others, and stress on the job may play a major role in placing additional stress on a marriage, especially for younger couples.
How estranged couples can avoid bad divorce advice
When Pennsylvania couples are going through a divorce, it can seem as if everyone around them has a great deal of often-unwelcome advice. Many of the beliefs held by laypeople are factually incorrect, so it's important to verify before taking advice from friends and family or others.
A 401(k) may be part of asset division in a divorce
People in Pennsylvania who are thinking about ending their marriages know that property will be divided between the spouses. What they may not already know is that a 401(k) is also eligible to be divided. It is possible for a court to accept the designation and documentation of a transfer of retirement funds to an ex-spouse as long as they are in line with legal requirements.
Estate planning mistakes you should avoid
It is a common belief that estate planning in Pennsylvania is something that only the rich and famous can benefit from. However, if you have assets that you want to leave behind to your children or loved ones when you die, an estate plan can help to protect your final wishes and legacy. If you do not take the time to make plans for your estate now, it could end up going through a lengthy probate process. Also, your loved ones may not receive everything you want them to inherit.
